Shape Security Raises $26M Round Led by Norwest Venture Partners, Joined by JetBlue Technology Ventures and Singtel Innov8
Nov 10, 2018
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MOUNTAIN VIEW, Calif., -- Shape Security, the leading provider of bot mitigation and anti-automation for the world’s largest companies, today announced that it has closed $26 million in growth capital, bringing its total raised to $132 million. Norwest Venture Partners led the round, with new strategic investors JetBlue Technology Ventures and Singtel Innov8 joining. Existing investors Kleiner Perkins, Venrock, Baseline Ventures, Allegis Capital, Focus Ventures, Epic Ventures, Raging Capital, and Tomorrow Ventures also participated. The new funding will help Shape accelerate international expansion.
Shape eliminates bots, fraud and unwanted automation for more than 20 percent of the consumer brands in the Fortune 500 while protecting over 100 million legitimate human logins each day. This gives Shape an understanding of users and their behavior that is unparalleled in breadth and quality. Fueled by this extensive dataset, Shape’s AI platform detects and shuts down automated attacks in real-time. Shape’s platform can distinguish real users from fraudsters even when criminals use manual methods.
“Criminals spill more than 5 million usernames and passwords every day,” said Sumit Agarwal, Shape Security co-founder & COO. “Criminals then use these credentials to attack large web and mobile applications. We founded Shape to stop these attacks, protecting both users and enterprises from fraud. Our long-term mission is to deliver security that not only prevents attacks, but also improves usability, creating a safer, better internet for all.”
Promod Haque, Senior Managing Partner at Norwest Venture Partners, noted, “Shape’s technology creates incredible reductions in fraud losses for the Fortune 500. I’ve served on the boards of multiple security companies over the years, including FireEye, and the exceptional growth we’re witnessing at Shape Security and the demand for the company’s products is an extremely positive sign for Shape’s future and the direction of the industry.”
JetBlue’s Chief Digital and Technology Officer, Eash Sundaram, stated, “The safety and security of our customers, in all aspects, is JetBlue’s top priority. Shape has proven to be a very impactful partner for us as we protect our customers online. We’re excited for JetBlue Technology Ventures’ investment to expand our relationship with Shape as we work together to improve our customers' experience.”
Singtel’s corporate venture capital arm, Singtel Innov8, partners with leading innovators to bring cutting-edge technologies to international markets. "Shape has clearly demonstrated its capabilities to help its blue chip customers significantly reduce fraud,” said Edgar Hardless, Chief Executive Officer of Singtel Innov8. “We are excited to partner with Shape and help expand its footprint in the economies of Asia/Pacific where enterprises are rapidly undergoing digital transformation.”
About Shape Security
Shape Security is defining a new future in which excellent cybersecurity not only stops attackers, but also welcomes good users. Shape disrupts the economics of cybercrime, making it too expensive for attackers to commit online fraud, while enabling enterprises to more easily identify and transact with genuine customers on their websites and mobile apps. The world’s leading organizations rely on Shape as their primary line of defense against attacks on their web and mobile applications, including three of the Top 5 US banks, five of the Top 10 global airlines, two of the Top 5 global hotels and two of the Top 5 US government agencies. The Shape platform, covered by 55 patents, was designed to stop the most dangerous application attacks enabled by cybercriminal fraud tools, including credential stuffing (account takeover), fake account creation, and unauthorized aggregation. Today, the Shape Network defends 1.7 billion user accounts from account takeover and protects 30% of all US savings. The company is headquartered in Mountain View, California, and also has offices in London and Sydney.
Shape’s leadership team is responsible for having created a new industry within cybersecurity. Derek Smith, CEO, and Sumit Agarwal, COO, previously held leadership positions at the Pentagon. Before that, Derek co-founded Oakley Networks, which was acquired by Raytheon, and Sumit led Google’s North American Mobile Product Management division. Shuman Ghosemajumder, CTO, helped launch Gmail and led Global Product for Trust & Safety, protecting and enabling the world’s largest advertising network; and Xinran Wang, Chief Security Scientist, formerly worked at Palo Alto Networks where he created Wildfire, the most widely used malware sandboxing technology.
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